1. Field of the Invention
The present invention relates to a sourcing and procurement framework for developing a procurement infrastructure. Specifically, the present invention provides a sourcing and procurement framework that is compliant with applicable rules and regulations, can be implemented within an accelerated timeframe, incorporates a procurement source database, and can be managed from a central outsourced entity.
2. Discussion of the Related Art
Sourcing and procurement operations are common in the development of a business or business operations. These operations are traditionally accomplished by various entities with distinct responsibilities pertaining to specific elements of the sourcing and procurement process.
Due to the involvement of multiple entities within a traditional sourcing and procurement solution, information and understanding that is gained during a particular stage of the solution may be lost or diluted as responsibilities are transferred to the next stage or entity involved in the solution. Likewise, management for the next responsible entity must glean what information it can from the previous stage in order to effectively manage business relationships that have been developed. Furthermore, specialists that exist within the previous entity or that may have been developed from their experience in the previous entity may be lost due to the transfer of responsibilities to a subsequent entity or entities.
These and other deficiencies exist in current sourcing and procurement solutions. Therefore, a solution to these problems is needed, providing an improved sourcing and procurement solution.